Forum Financial Management LP Has $65.24 Million Stock Holdings in Apple Inc. $AAPL

Forum Financial Management LP decreased its stake in Apple Inc. (NASDAQ:AAPL) by 21.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 257,073 shares of the iPhone maker’s stock after selling 68,715 shares during the period. Apple comprises about 0.9% of Forum Financial Management LP’s holdings, making the stock its 14th largest holding. Forum Financial Management LP’s holdings in Apple were worth $65,243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Lifetime Wealth Management P.C. bought a new stake in Apple during the 4th quarter worth $41,000. ROSS JOHNSON & Associates LLC increased its holdings in Apple by 1,800.0% in the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after purchasing an additional 180 shares in the last quarter. LSV Asset Management bought a new position in Apple in the fourth quarter valued at about $65,000. Timmons Wealth Management LLC bought a new position in Apple in the fourth quarter valued at about $69,000. Finally, Inspire Investing LLC acquired a new stake in shares of Apple during the fourth quarter valued at about $76,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AAPL. Wells Fargo & Company restated an “overweight” rating and set a $310.00 price target (up from $300.00) on shares of Apple in a report on Friday, May 1st. Evercore reiterated an “outperform” rating on shares of Apple in a research report on Wednesday. BNP Paribas Exane raised shares of Apple from a “neutral” rating to an “outperform” rating and set a $300.00 target price on the stock in a report on Friday, April 17th. UBS Group restated a “buy” rating on shares of Apple in a research report on Tuesday, June 9th. Finally, Barclays reaffirmed an “underweight” rating on shares of Apple in a research note on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $314.85.

Apple Price Performance

Apple stock opened at $316.16 on Friday. The stock’s 50 day moving average is $298.65 and its 200 day moving average is $274.97. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.07 and a quick ratio of 1.02. The firm has a market cap of $4.64 trillion, a P/E ratio of 38.23, a P/E/G ratio of 2.73 and a beta of 1.10. Apple Inc. has a one year low of $201.50 and a one year high of $317.40.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, beating the consensus estimate of $1.95 by $0.06. The business had revenue of $111.18 billion for the quarter, compared to analysts’ expectations of $109.46 billion. Apple had a return on equity of 146.69% and a net margin of 27.15%.The firm’s revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.65 earnings per share. As a group, research analysts expect that Apple Inc. will post 8.74 EPS for the current year.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 11th were paid a $0.27 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. This is an increase from Apple’s previous quarterly dividend of $0.26. Apple’s payout ratio is currently 13.06%.

More Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple announced a multiyear partnership with Broadcom worth more than $30 billion to design and produce U.S.-made custom silicon and wireless chips, its largest domestic manufacturing commitment to date. The deal improves supply-chain resiliency and supports future product cycles. Article Title
• Positive Sentiment: JPMorgan said Apple’s recent price increases for Mac and iPad, and any possible iPhone hikes, are unlikely to significantly hurt demand, and it raised its price target while reiterating a Buy rating. Article Title
• Positive Sentiment: UBS said App Store data points to roughly 3% growth in Apple’s June quarter, signaling that services revenue remains resilient even as U.S. revenue softens somewhat. Article Title
• Neutral Sentiment: Several pieces framed Apple as a potential leader in a broader “Magnificent Seven” rebound, but these were mostly market commentary rather than company-specific catalysts. Article Title
• Negative Sentiment: An EU court rejected Apple’s challenge to Digital Markets Act gatekeeper rules, leaving the company exposed to tighter App Store and iOS antitrust obligations in Europe. Article Title
• Negative Sentiment: Hedgeye reportedly added Apple as a new short idea, which may be adding some caution around the stock’s near-term valuation after a strong run. Article Title

Insiders Place Their Bets

In related news, insider Ben Borders sold 116 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $295.14, for a total value of $34,236.24. Following the transaction, the insider owned 38,713 shares in the company, valued at $11,425,754.82. The trade was a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Kevan Parekh sold 1,534 shares of the business’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total transaction of $421,850.00. Following the completion of the transaction, the chief financial officer owned 13,366 shares in the company, valued at approximately $3,675,650. The trade was a 10.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 2,924 shares of company stock worth $825,546. Insiders own 0.06% of the company’s stock.

Apple Company Profile

Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.